In the first newsletter of 2017, we can say with great pleasure that we have now started the due diligence procedures for sale of Oravita.

There is a lot of work involved in going through everything and there are many documents to be examined. We have already held a meeting with the buyer’s lawyer and look forward to a good process.

We are now implementing the changes that were mentioned at the Shareholder meeting, and have entered into an agreement with a new auditor from the BDO in Romania, so there will be a link to the auditor in Denmark.

Book keeping, which was previously outsourced to an external accountant, has now been insourced to our own office in Romania since 1 January. This provides better opportunities for comparison and follow-up on the new budget structure for the individual properties.

On 1^st February, Steen Helmsted Pedersen will begin as site manager on the farm in Videle, and he will then be responsible for our eastern activities.  Steen has several years of experience in agricultural operations in Romania and we welcome Steen to Agri Invest.

Steen replaces Allan Burmeister, to whom I would like to say a big thank you. Allan has been in Agri Invest for 7 years and has put a great deal of work into building the farm up from scratch. We wish Allan all the very best for the future.

Steen Helmsted Pedersen – newly appointed to the farm in Videle from 1^st February 2017

At the moment, there is frost and snow in Romania so that the only activity in the field is in Amaru where livestock manure is being collected and placed in piles in the fields, ready for spreading.

Frost and snow in Romania                Amaru: Livestock manure collected for piling in the fields

The total field plans now cover 8,755 ha, which is approximately 100 ha more than last year.Due to a lot of rain in the autumn, there is a little more than was hoped to be sown in the spring, so we hope that all the winter seed survives. We have 20% wheat remaining in stock, which has not been sold, while approximately 30% of the newly harvested rape has been priced. We will not sell more right now, since we would like to see how it overwinters.

Kind regards,

Agri Invest A/S
Preben Hansen Chairman